BRUNSWICK, Maine — Finding childcare is a continuous problem for parents across the country, including in Maine. It can even be challenging for someone who wants to start their own childcare business.
That’s where Coastal Enterprises Inc. in Brunswick is hoping to help with its Child Care Business Lab.
“What should their fees be? How should they keep their records? What about taxes? And so we started the Child Care Business Lab to integrate small business startup education with everything that someone needs to know to run a successful child care business,” Cynthia Murphy, head of the child care sector at CEI, said.
The program provides free training groups of like-minded entrepreneurs. “For example, people who are interested in starting a childcare in their home come together from all across the state,” Murphy said. “They face many of the same obstacles. And they’re excited about the same future.”
The Child Care Business Lab started back in 2020 and is funded through a five-year grant from the U.S. Department of Health and Human Services along with other funding sources.
Recently, the program received funding for a sixth year.
From formulating a business plan to helping to secure funding, the Child Care Business Lab offers resources to those looking to grow in the field.
People like Meghann Carrasco, who co-founded and is the executive director of Seedlings to Sunflowers in Gorham. CEI helped Carrasco secure financing before the business lab started because other financial institutions were not working out.
“Either the terms were too short, we couldn’t afford the monthly payments, or the interest rate was too high, or we were a new operation,” Carrasco said.
Since CEI is able to provide low-interest loans thanks to funding, Carrasco was recently able to secure financial help for a second location called Sunflower Community Playspace & Cafe.
“There is a huge need for quality childcare in Maine and our waitlist is 200 families long,” Carrasco says.
The business lab also looks at ways to retain staff.
“When we help create that financial plan, we are weaving in a living wage, paid days off, and as many other benefits, such as a childcare discount, as possible,” Murphy said.
When childcare is available to parents, Murphy said it has a profound ripple effect.
“We surveyed the parents to find out what they were able to do now that their child was in childcare,” Murphy says. “38% of parents indicated that they were able to start a job.”
Since the Child Care Business Lab started in 2020, dozens have gone on to open businesses.
“41 people have started a child care business who have graduated from the Child Care Business Lab and they’ve created 951 seats for children,” Murphy explained.
The next cohort for the Child Care Business Lab starts in March 2025, Murohy said. Graduates could be ready to start their own businesses in time for the next school year.
Don’t miss these NEWS CENTER Maine stories
This post was originally published on here
